Triangle real estate market rebounding

March 4, 2013 1:56:50 PM PST
The trend is changing when it comes to home sales. For years, it's been a buyer's market, but now experts say sellers have the upper hand.

Adam Grossman with Fathom Realty says he's seen an uptick in recent months. At one of his listings in Cary, he's already close to an offer after just three weeks on the market.

"I've had some even sell in hours, multiple offers in hours," he explained.

It's a trend around the Triangle. Home sales are on the rise.

"Definitely Cary, North Raleigh, and parts of RTP - they're booming right now. Stuff is moving quickly," said Grossman.

The Raleigh Regional Association of Realtors reports home sales in the Triangle are up 31 percent from January 2012. Pending sales are up 25 percent.

And nationally, home sales spiked 16 percent last month from December - the highest level since 2008.

Wake county building permits were up 39 percent from last January, and 92 percent from two years ago. In 2013, the numbers are expected to inch higher.

"2011, 2012, the first part of 2012, were very slow. I would say the first quarter of this year, we're going to have double-digit percentage increases in sales and decreases in inventory," offered real estate appraiser Stacey Andfindsen.

But builders say even though there's a boom, finding a home might not be as easy as you might think. With more people looking to buy, inventory is having a tough time keeping up. Many builders are working overtime, clearing new lots almost daily

"We were like dead in the water. The last two months I think has really picked up a lot especially this neighborhood," said Faye Davis with Jason Davis Grading Incorporated.

We found custom home builders are flocking to certain Raleigh neighborhoods like the Hamptons at Umstead.

"Half the neighborhood is being built at this given time, so it's really exciting to see. Many of the area professionals they come out and look at this neighborhood and it just brings back memories of better times," said Chris Faughnan with Coldwell Banker.

Forty four homes in the Hamptons sold in the past 12 months - a major rebound after construction was at a halt. Since mid-February, another 20 homes went under contract. Only seven lots remain for sale.

For the people who make their livings in the housing business, it's a welcome sign.

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